German reinsurer Munich Re has signed a cooperation agreement with Ping An Property & Casualty Insurance, to develop and offer insurance solutions for China's renewable energy industry.
The insurance solutions are being developed by Ping An and a special project team from Munich Re.
According to Munich Re, the new solutions will strengthen the renewable energy sector by de-risking often large-scale and capital-intensive technology projects.
They allow manufacturers, plant operators and investors to limit their risks and thus constitute an important milestone in the implementation of renewable energy projects by providing critical financial protection, claims the German reinsurer.
Munich Re said it will take the lead in developing and selling renewable energy insurance covers.
Munich Re also said that over the following months, it will now work with Ping An to develop and roll out a first set of products and services, with a number of projects and clients already identified.
Munich Re board member responsible for Asia Pacific Ludger Arnoldussen said that this cooperation reflects Munich Re’s strength as a solution provider for complex new risks.